Tieudungthongthai
If you need to buy a bunch of vegetables, tofu, or any food item, would you go to the traditional market or head to the convenience store at your apartment building? Perhaps the habit of going to the traditional market is gradually being replaced by various modern shopping options. While traditional markets and retail stores still meet up to 40% of consumer goods needs. Traditional markets are not just places for buying and selling; they are also a distinctive cultural aspect of each region.
Are consumers no longer enthusiastic about going to the market?
Many people still enjoy going to traditional markets, but there are also quite a few who prefer going to supermarkets because they can find a variety of delicious and exotic items there. Supermarkets are often cleaner, and their staff is generally friendlier.
Nowadays, traditional markets are primarily frequented by middle-aged individuals who enjoy witnessing the bustling trading atmosphere or haggling over prices for a bit of fun. However, there are still many inconveniences associated with traditional markets, such as having to park in one place, shop in another, and the cleanliness may not be up to par in some places.
According to CBRE's Consumer Trends Report, 57% of Vietnamese people prefer shopping at large shopping centers instead of traditional markets, with the majority being young people. They believe that supermarkets offer a wider variety of products, making shopping more convenient compared to traditional markets.
The shopping habits of consumers have changed. Therefore, in order to survive, traditional markets must adapt. What used to be markets have now become supermarkets or shopping centers to stay up-to-date. However, even though they have been renovated with a modern and attractive appearance, many places still lack appeal due to inadequate infrastructure and inconvenient access for consumers.
There are some shortcomings where traditional markets have undergone transformation but fail to attract customers.
At Hang Da Market in Hoan Kiem District, Hanoi, it has been transformed into a shopping center after nearly 90 years. Mrs. Dung, a long-time vendor, mentioned that since the switch to the new model, her meat sales have drastically declined. She now sells only about 1/10 of what she used to sell daily.
One of the reasons for the poor performance of these stalls is that consumers' shopping patterns have become less convenient than before. This is because most of the converted market areas in Hanoi are located in the basements of shopping centers. The lack of foot traffic has resulted in poor sales, forcing many stalls to close or change ownership.
The markets located within shopping centers are often seen as a mix of old and new. They still use the traditional market method of trading but within an environment that may not always be synchronized. Therefore, whether it's traditional markets or shopping centers, neither has been able to fully meet the consumers' needs.
According to statistics from the Ministry of Industry and Trade, from 2003 to the present, there have been up to 7 traditional market models converted into shopping centers in Hanoi alone, but their effectiveness has been lower compared to before the transformation.
Meanwhile, some traditional markets are still operating successfully because they have found ways to adapt and retain their customer base.
Traditional markets are going digital to attract customers.
Unlike in the past, one of the reasons young consumers were hesitant to go to traditional markets was the need to carry cash, and if they bought something with a small value and paid with exact change, it could be challenging for the seller to provide change. However, nowadays, most vendors in the market are very supportive of customers by offering QR code payment options.
Not only do they facilitate quick payments, but most market vendors today are also willing to provide home delivery when requested.
In addition to modernizing payment methods and embracing online sales, improving food quality control is another way in which traditional markets compete with other modern retail channels.
Planning and investing to transform traditional markets into civilized, modern trading places is absolutely necessary. Eliminating temporary markets and unregulated street vendors is especially important to change the appearance of major urban areas. However, the planning and transformation process should be based on the actual needs, knowledge, and shopping habits of consumers. Only then can sustainable development goals be achieved.